1 in 16 firms have said they’re at risk of closure due to Covid-19. Careful financial planning is crucial to mitigate the damage the pandemic has caused.
Former prime minister Gordon Brown recently said that ‘a new job crisis point is approaching as furlough ends’. While this claim’s validity remains to be seen, what is for certain is that the furlough scheme will come to an end by September 2021. With around 1.9 million people having their wages supported by furlough, this could spell disaster for many businesses up and down the country.
In advance of this disaster, 1 in 16 firms have said they’re at risk of closure due to the impacts of the pandemic, but that doesn’t have to be the case.
At HB&O, we’ve heard our clients’ concerns about the end of furlough. We understand the feelings of uncertainty and worry, so we work closely with businesses to ensure that their finances are in a strong position to weather the coming storm. Our experienced team offer bespoke support with business planning and cash flow management, which is designed to ensure your expenditure is regulated, cash flow is monitored and funding is thoroughly examined at every stage. Without the lifeline of the furlough scheme, good forward planning is more crucial than ever.
If you’re concerned about your business’ longevity in the wake of the pandemic, don’t hesitate to get in touch with our team of experts. Whether you’re interested in applying for the Recovery Loan Scheme or just need some guidance going through all the different options available, our internal finance specialist can assist with your financial management efforts. We’ll help you find the right solution to give you the peace of mind that your business is secure.